Niyam Group has launched as a new reinsurance venture in India, led by industry veteran Bobby Swarup.
Swarup announced the business’s formation on LinkedIn, saying that the group would operate as a principles-led organisation, drawing its name from the Sanskrit meaning of niyam as a code of conduct or guiding principles.
Its Lloyd’s syndicate 2047 will also bring AA-rated reinsurance capital to support the insurance markets in India and other high-growth markets.
“Niyam will embody this idea as a principles-driven organisation with a clear sense of purpose,” he said, adding that the company intends to align its activities with India’s long-term development ambition of “Viksit Bharat 2047,” or the country’s “Vision for a Developed Nation,” with a focus on economic resilience and equitable growth.
Sima Ruparelia has also joined Niyam Group as president and active underwriter, and as a co-founder of the venture. She most recently served as chief actuarial and risk officer at PartnerRe and is a non-executive director at British Gas Insurance Ltd and British Gas Services Ltd.
Swarup says he has spent the past 12 months establishing the business and that further announcements are expected in 2026.
The launch follows key developments occurring in India’s (re)insurance market. In late December, the country’s Parliament passed a bill which will allow 100% foreign direct investment (FDI), while also providing the Insurance Regulatory and Development Authority of India (IRDA), the Indian regulator, with greater supervisory powers.
Within reinsurance, Allianz Group and Jio Financial Services Limited, in September, formally incorporated a joint venture, Allianz Jio Reinsurance Limited, after receiving regulatory clearance.
Niyam’s launch also follows a surge of activity in GIFT City, a special economic zone, over the last 12 months, including Berkley, Korean Re, Starr, Everest Re, Sing Re, and Peak Re.
